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Tuesday, November 3, 2009

Urgent Action Needed to Save Audit The Fed

We have all worked so hard to make an Audit of the Federal Reserve a reality. Together, we have led the fight to get congressional hearings, 308 cosponsors, and unprecedented attention around the country.

Mel Watt (D-NC), Chairman of the Monetary Policy Subcommittee, has sided with banking interests and is working to gut substantial audit provisions from H.R. 1207. The bill Congressman Watt has sent to the full Financial Services Committee contains no audit of the Fed’s monetary policy-making authority or transparency of the Fed’s secret agreements with foreign central banks.

Without these provisions, a so-called “audit” of the Fed would be worthless.

The full Financial Services Committee is likely to vote on this bill either later this week or early next.

Congressman Paul will offer an amendment to restore the provisions contained in H.R. 1207 to audit monetary policy and activity with foreign central banks. Thirteen of the 41 Democrats and all 29 Republicans on the Committee have cosponsored H.R. 1207, and if they hold the line, we will have the votes to win and restore our audit.

Pressure on the Democrat House Financial Services Committee members is critical! Below is a list of Democrats who have cosponsored. Please call them and urge them to vote “Yes” on the Paul Amendment. Click on their names to get their web contact information.

When contacting these members, remember that up to this point, these members have been allies on this issue. A civil yet firm tone should be kept during these calls. They should be thanked for their cosponsorship, told that Mel Watt’s changes to the bill are unacceptable, and urged to hold the line and honor their promise to support transparency at the Fed by voting “Yes” for the Paul amendment.

It is also important that we contact Financial Services Chairman Barney Frank and House Speaker Nancy Pelosi and urge them to schedule a standalone, up or down vote on the real Audit the Fed bill.